Australian Unity takes Bridgeport
Australian Unity has moved to acquire Netwealth subsidiary, Bridgeport Financial Services.
The transaction was announced today, with Australian Unity saying it had entered into an agreement to acquire the business of Bridgeport which currently has nine advisers and around $550 million in funds under advice.
The transaction is consistent with Netwealth’s announcement in September last year that it intended to sell its advice subsidiaries to focus on its platform and managed account solutions.
Confirming the move, Australian Unity’s chief executive officer - Wealth & Capital Markets, David Bryant said the first priority would be to continue to work with the team at Netwealth to ensure a smooth transition for clients and staff to Australian Unity.
“Building our advice capability and footprint remains a key objective for Australian Unity and is directly in line with our ambition to deliver more for our customers,” he said.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
